eFinancialCareers

Way back in the days of 45s – sort of like CDs only bigger – you bought the record for the hit "A side" and let the "B side" gather dust. But very often the real prize was hidden on the B side. Which makes me wonder: Could there be a B side for unemployed financial services professionals - an unexpected career flipside outside the industry that yields a rewarding new path?

Former banker Steve Henry says there is. Last summer, he retired from his position as a Des Moines, Iowa, bank president after a 27-year career. He received outplacement counseling as part of his retirement package.

"When I left banking, I had opportunities to go work for another bank, but I wanted to stretch," Henry says. "I didn't want to think all I could do is banking. I knew I wanted to pursue other things." This spring he accepted a position as chief operating officer of Multi-Tech, Inc., a holding company with five corporations involved in 50 countries.

To make the transition, Henry looked at his competencies and transferable skills. He considered several different industries including manufacturing and health care. "I approached it in a very scientific manner," he says. "My philosophy was that I'm an individual with a skill set that applies to other industries. I also had tools, which I learned through outplacement counseling. The trick was how to put them into play for myself."

Step by Step

As a first step, Henry constructed an "honest resume" that emphasized transferable skills in financial management, regulatory compliance, risk management, customer and employee relations and business development. Next, he created customized cover letters with a bullet list of his core competencies, so that prospective employers didn't have to hunt for them in his resume. Henry also aggressively networked. "I found people who knew people I wanted to interview with" at target companies and asked if they could help secure an introduction. "Some of these people wrote letters of introduction on my behalf. When I made the call (to the target company), I immediately got an interview." Henry only asked people he knew to introduce him, which meant he didn't have to make cold calls.

Above all else, Henry says, he "always had a positive attitude." "Each day I asked myself, what am I going to do today to make a difference in my life or in others' lives?"

While unemployed, Henry also attended career support groups, which provided accountability. "I went in there to mentor," he notes. As part of that focus, he encouraged others to tell themselves that "you're a quality individual and to remember you can make a contribution. Don't confuse what you did occupationally with who you are as a person."

Have Skills, Will Transfer

Since being hired by Multi-Tech, Henry has been able to apply his skills in strategic planning, project management and expensing to help the company streamline its sales divisions and purchasing processes. He has also used his experience with regulatory agencies to help Multi-Tech prepare for EPA and OSHA exams.

For Henry, the transition out of banking and into manufacturing "bettered my career path."

“I've done it - I came out on the other side," he says. "I just turned 62. If I can do this at this age, someone in their 30s and 40s ought to be able to do it, too."

As for employers, they need "to turn that 45 over and listen to it - you’ll be very surprised, because the same person who did Side A is going to be doing Side B, too."

Jenny L. Herring, APR, is a financial writer and public relations professional with experience in both institutional and retail asset management.